Revance Therapeutics, Inc.: restructuring charge — Revance to exit OPUL payments business, record up to $100M impairment, revise guidance

Revance Therapeutics, Inc.

Exiting OPUL payments business, expects to free up ~$20M/year for reinvestment; restructuring charges up to $7M, non-cash impairment $80M-$100M.
Revised 2023 GAAP OpEx guidance to $545M-$585M (from $460M-$480M); Non-GAAP OpEx narrowed to $315M-$335M.
New DAXXIFY pricing program effective Sept 1, 2023; expects adjusted gross margin over 80% long-term.
Cash of $319.7M at June 30, plus $50M notes from Athyrium in Aug; funded to breakeven, adjusted EBITDA positive expected in 2025.
Q3 product revenue expected around Q2 levels due to new pricing and seasonality; product revenue guidance in H1 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Revance Therapeutics, Inc. announced a impairment with charges of between an estimated $80 million and $100 million affecting goodwill and other assets.

Type: impairment
Charge: between an estimated $80 million and $100 million
Affected area: goodwill and other assets

Exact text from the filing

the Company currently estimates the total non-cash impairment charges from goodwill and other assets to be between an estimated $80 million and $100 million.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Revance Therapeutics, Inc. announced a restructuring with charges of up to $7.0 million affecting OPUL® payments business (reduction in OPUL® personnel headcount).

Type: restructuring
Charge: up to $7.0 million
Affected area: OPUL® payments business
Headcount: reduction in OPUL® personnel headcount

Exact text from the filing

to execute on the Company’s loyalty and practice partnership priorities. The Company expects to record a restructuring charge in connection with such activities of up to $7.0 million, primarily consisting of severance and other related costs. This amount excludes charges related to the material impairment charges described in Item 2.06 below. The Company

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Source: SEC EDGAR

accession 0001193125-23-237318

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